Manulife Sees Strong Growth in Asia Despite Near-Term Headwinds

Manulife Financial (MFC) Chief Executive Officer Phil Witherington addressed investors at Scotiabank's 27th Annual Financials Summit, highlighting the company's 'steady progress' on its refreshed strategy.

The insurer reported stronger growth in Asia and wealth management, which helped offset pressure from Canada disability claims, U.S. life volatility, and a weaker Canadian dollar.

Manulife said year-to-date core EPS rose 14%, contractual service margin increased by 16%, and the company returned $2.6 billion to shareholders through dividends and buybacks so far this year.

The company's Asia business delivered double-digit earnings growth above 20% and Global Wealth and Asset Management (GWAM) posted 6% year-on-year earnings growth in the second quarter after the eMPF transition impact in Hong Kong.